Salient to Investors: Bill Gross at Pimco said: The most renowned investors from Buffett to Fuss to Soros may owe their reputations to the most attractive era for money management as expanding credit fueled gains in asset prices across markets. Maybe the era made the man, not the man who made the era – the real test of
READ MORE... →Salient to Investors: Analysts have cut price targets by 21 percent since the stock peaked in September 2012. Apple is trading at 10.6 times reported earnings versus the S&P 500’s multiple of 15, near the widest discount since December 2000. The last time Apple traded at such a discount, it went on to
READ MORE... →Salient to Investors: Legg Mason is folding Bill Miller’s Legg Mason Capital Management division into its ClearBridge Investments equity unit as assets have tumbled and as it tries to reverse five years of client redemptions. Assets at Legg Mason Capital Management have fallen to $7 billion from a peak of $70 billion
READ MORE... →Salient to Investors: Stronger housing demand and hiring in the US and accelerating factory output and retail sales in China is providing international growth as Europe and Japan stagnate. Jim O’Neill at Goldman Sachs Asset Mgmt said improving China and the US is extremely good news. Tim Drayson at Legal & General Investment
READ MORE... →Salient to Investors: Bill Miller at Legg Mason said because housing has done so well, the next move there is in financials. Miller said an improved housing market means banks’ mortgage origination businesses will improve. Miller’s fund had 40 percent of assets in financial stocks as of Sept. 30, and
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